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Employee Benefits Management News
- IRS provides relief for Iowa small businesses unable to obtain SHOP coverage for 2015
- Consulting experts highlight three factors critical for success of private exchanges
- Federal filings allow peek behind reasons for rising health insurance rates
- Court must apply ordinary contract principles to lifetime contribution-free retiree health care question, Supreme Court rules
Pension Plan Guide News
- President’s tax reform proposal includes “Auto-IRA” requirement
- PBGC announces end of moratorium on enforcement of 4062(e) cases
- EBSA provides guidance on changes to annual funding notice requirements under HATFA
- EBSA highlights results of enforcement and compliance activity in 2014
IRS provides relief for Iowa small businesses unable to obtain SHOP coverage for 2015
The IRS has issued transition relief allowing small businesses to claim the employer health insurance credit under Code Sec. 45R, even though they are unable to offer a qualified health plan (QHP) in 2015 through a Small Business Health Options Program (SHOP) Exchange because there are no QHPs available in the county in which they have their primary business address. For more information, see ¶2083S.
Consulting experts highlight three factors critical for success of private exchanges
An article by two professionals from Deloitte Consulting LLP postulates that the success of private exchanges, which are quickly gaining ground as an outsourcing opportunity for employers in the administration of traditional health and welfare benefit programs, hinges on the three key dimensions. For details, see ¶2083T.
Federal filings allow peek behind reasons for rising health insurance rates
The average rate increase that nongrandfathered plans in the individual and small-group markets submitted for review for renewals taking effect from mid-2013 through mid-2014 was 13%, according to an analysis by The Commonwealth Fund of insurers’ filings with the federal government. For more information, see ¶2083U.
Court must apply ordinary contract principles to lifetime contribution-free retiree health care question, Supreme Court rules
Applying ordinary principles of contract law, a unanimous U.S. Supreme Court vacated the Sixth Circuit’s ruling that provisions in expired collective bargaining agreements created a right to lifetime contribution-free health care benefits for retirees, their surviving spouses, and their dependents. For more information, see ¶2083W.
President’s tax reform proposal includes “Auto-IRA” requirement
In one of several initiatives announced by the White House prior to the annual State of the Union address, President Obama has unveiled several tax reform proposals affecting retirement plans, including a measure that would require most employers that don’t otherwise provide a retirement plan for workers to auto-enroll employees in an individual retirement account. The retirement proposals would, the White House says, give 30 million additional workers access to employment-based retirement plans. For more information, see ¶132V.
PBGC announces end of moratorium on enforcement of 4062(e) cases
The PBGC announced that it is ending the moratorium on enforcement of 4062(e) cases that it announced in July 2014. For more information, see ¶19,981Z-49.
EBSA provides guidance on changes to annual funding notice requirements under HATFA
EBSA has provided guidance to its national and regional offices on compliance by plan administrators of single-employer defined benefit plans with the annual funding notice requirements of section 101(f) of ERISA. For more information, see ¶19,981Z-48.
EBSA highlights results of enforcement and compliance activity in 2014
According to EBSA, EBSA’s oversight authority extends to nearly 684,000 retirement plans, approximately 2.4 million health plans, and a similar number of other welfare benefit plans, such as those providing life or disability insurance. These plans cover about 141 million workers and their dependents and include assets of over $7.6 trillion (as of October 29, 2014). In FY 2014, EBSA recovered $599.7 million for direct payment to plans, participants and beneficiaries. For more information, see ¶132T.
For more information, visit http://www.wolterskluwerlb.com/rbcs.